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The premises are situated on a very low site density comprising a modern steel portal frame warehouse facility with ancillary office accommodation over two floors. The property benefits from a remarkably large securely fenced and gated yard area which provides parking and further open storage. With an approximate 800kva power supply, the property is ideal for production, manufacturing storage and distribution uses.
Location
The property is situated on Standard Road which is located off Park Royal Road and Chase Road which are in close proximity to North Acton (Central Line) and Harlesden (Metropolitan Line) underground stations. The unit is located a short distance from the A40 (Western Ave) which affords easy access to the West End and also to the A406 (North Circular Road) via Hanger Lane. The M1, M40, M25 and wider motorway networks can also be accessed from the Hanger Lane gyratory point.
Located close to Asda and other amenities in the centre of Park Royal, North Acton underground station (central line) is within walking distance. The 440 bus serves Standard Road, on the Gunnersbury to Stonebridge Park station route.
Rail
North Acton Station - 0.7 miles
Willesden Junction St - 1.5 miles
Hanger Lane Station - 2.2 miles
Road
M1 (Jct 1) 6 miles
Central London 10 miles
M40 (Jct 1) 12 miles
M25 (Jct 16) 13.2 miles
SAT NAV REF: NW10 6EU
Accommodation
21 Units Totalling - 20,773 SQ FT (1,929.87 SQ M)
All measurements are based on an approximate gross internal area.
Terms
TENURE
Long Leasehold / Virtual Freehold
Ownership of the estate is held on two long-leases on a term expiring in March 2108 (88years unexpired) at a current ground rent geared to 20% of the Rents Receivable.
Freehold is owned by Watford Borough Council who own a large majority of the freehold ground rents on in the area.
PRICE We are instructed to seek offers in excess of £XXX (three million three hundred thousand pounds), subject to contract and exclusive of vat. Purchase at this level reflects a net initial yield of 6.28% and a very low capital value of £XXX psf (existing) or £XXX psf (if extended) assuming purchaser’s costs of 6.48%.
SITUATION
Watford is situated in south-west Hertfordshire to the north of London, and falls under the administrative control of Watford Borough Council. It covers 2,142 hectares (8.3 sq miles) and is unique in that it is the only non-metropolitan borough wholly contained within the M25. The population of Watford is 90,301 (Census 2011).Watford is the centre of a sub-region serving around 500,000 people living within a 20 minute travelling time and approximately 5,000,000 people living within 45 minute travelling time.
PLANNING PERMISSION Planning permission was granted in October 2019 for the extension and further development of the Watford Enterprise Centre to allow:
Planning Ref. No. 19/00602/FULM
Proposed infill extensions between existing commercial buildings (in Class B2 and B8), to provide new business units and commercial floorspace (flexible space in Class B1c, B2 and/or B8), resulting in an increase the total number of units from 21 to 37; erection of podium level with lift and stair access to provide 10 additional business units (Class B1a), and shared WC facilities above new car parking areas; revision of existing parking areas to provide for an increase in parking spaces from 43 to 76 spaces; provision of new bin storage areas and landscaping works. (Full details available on request)
26 new units
33 additional car parking spaces
Total proposed GIA 13,756 sq ft (1,278 sq m) approx.
Another planning permission was also granted in January 2018 (Planning Ref No. 18/00009/FULM)for the demolition and rebuilding of business units 1-5 (Block A) with an increased footprint and mezzanine level. Extension to increase height of existing business units 6-21 (Blocks B, C, D & E) to
allow for installation of mezzanine floors.
5 units with an increased foortprint and mezzanine levels
16 units with additional mezzanine floors
Total proposed GIA 35,952 sq ft (3,340 sq m) approx.
Full details available from Watford Borough Council(www.watford.gov.uk) using their relevant planning reference numbers mentioned above.
VAT
The asset has been elected for VAT and the transaction may be treated as a Transfer of Going Concern (TOGC).
LEGAL COSTS
Each party to bear their own legal costs.
Specification
- 2 Long Leases on a Term Expiring 2108 (88 years unexpired)
- Gross Income £XXX pa
- 6.28% Net Initial Yield
- Situated on a 1.5 acre (0.61 ha site)
- 2 planning permissions to increase square footage